UFS-IBBL SHARIAH UNIT FUND

UFS-IBBL SHARIAH UNIT FUND
Name
UFS-IBBL SHARIAH UNIT FUND
Type
Open-End Mutual fund
Life and Size of the Fund
Perpetual life and unlimited size
Sponsor
Islami Bank Bangladesh Limited (IBBL)
Asset Manager
Universal Financial Solutions Limited (UFS)
Trustee
Investment Corporation of Bangladesh (ICB)
Custodian
Investment Corporation of Bangladesh (ICB)
Initial Size of the Fund
 
Tk. 200,00,00,000 (Taka two hundred crore) divided into 20,00,00,000 (Twenty crore) Units of Tk.10 (Taka ten)each
Face Value
Tk.10 (Taka ten) per Unit
Nature
Open end Mutual Fund with unlimited size.
Objective



The objective of the UFS-IBBL Shariah Unit Fund is to achieve superior risk adjusted return in forms of capital appreciation, dividend and to provide attractive dividend payments to the unit holders by investing the fund only in Shariah compliant instruments of capital market, money market etc
Minimum Application Amount
 
Tk.5,000/- per application (500 Units) for individuals Tk.50,000/- per application (5,000 Units) for institutions
Transparency
 
 
NAV will be calculated on a weekly basis and shall be published on the website of the Fund manager (www.ufslbd.com) and as prescribed in the Rule
Target Group
 
 
Individuals –both resident and non-resident, institutions–both local and foreign, mutual funds and collective investment schemes are eligible to subscribe the Units of the Fund.
Shariah Advisory Board

The Fund shall be managed under Shariah Law. In this regard, a “UFS Shariah Supervisory Guideline” was established to ensure the compliance of Shariah Law which was submitted to Trustee and BSEC. Under this Guideline, a Shariah Supervisory board consisting renowned Islamic Scholars of Bangladesh is formed. This board will work with UFS to ensure compliance of investment management as per Shariah Law
Dividend

Minimum 70 (seventy) percent of realized income of the Fund will be distributed as dividend in Bangladeshi Taka in each accounting year.
Dividend Distribution
 
The dividend warrant will be distributed within 45 (forty-five) days from the date of declaration.
Transferability
 
The Units of the Fund are transferable by way of inheritance/ gift and/ or by specific operation of the law.
Encashment


The Unit holders can surrender their units through the Asset Manager and through the Selling Agents appointed by the Asset Manager. So, investment in the Fund will be easily encashable.
Reports and Accounts



Every unit holder is entitled to receive annual report along with the yearly and half-yearly statements of accounts as and when published from the website (www.ufslbd.com). Every unit holders will also get quarterly statements of portfolio in UFS’s official website.
Tax Benefit



Income shall be tax free up to certain level, which is permitted as per Finance Act. Investment in the Fund would qualify for investment tax credit under section 44(2) of the Income Tax Ordinance, 1984.